Cyberneid participated in the Call for Proposals 2022. Promoted by the Milano Hub: the innovation centre created by the Bank of Italy to support the digital evolution of the financial market. It represents the physical and virtual place in which the Bank of Italy assists operators, collaborates in the development of projects and promotes the quality and safety of specific innovations.
The Call for Proposals 2022 aims to support the development of projects relating to innovative solutions based on DLT technologies, encouraging the dissemination of best practices among market operators to promote the financial sector’s overall stability and customer protection.
“Application of technology based on Distributed Ledger Technology (DLT) to banking, financial, insurance and payment services, with particular attention to the requirements of governance reliability and in compliance with the applicable provisions and expressed guidelines by the Authorities; robustness of the settlement mechanisms, with particular reference to solutions capable of ensuring the final settlement of payments in central bank money; interoperability with other DLT platforms or based on alternative models (e.g. API); certainty and security of operations from a technical and legal perspective (for example in terms of finality of transactions); customer protection.“
The use of Distributed Ledger technology (DLT) in the banking, financial, insurance and payments sectors is aimed at ensuring reliable governance in compliance with the regulations and directives of the Authorities. The widespread adoption of DLT technological solutions constitutes a significant challenge for financial market operators, engaged in developing innovative products, and for sector authorities, called to ensure governance, transparency and accountability.
There are several promising use cases for this technological solution: from applications for smart contracts to Know Your Customer (KYC) processes and anti-money laundering (AML) safeguards to solutions for settling securities transactions, etc.
The Call for Proposals 2022 aims to support the development of projects relating to innovative solutions based on DLT technologies, encouraging the dissemination of best practices among market operators to promote the overall stability of the financial sector
and customer protection.
Milano Hub ‘s project
Milano Hub announced on 17 May the selected projects: the Bank of Italy announced the 14 admitted projects presented by 81 entities. For support to Milano Hub in the “Fintech hub” category, 5 projects were selected out of 47.
We are happy to announce that Cyberneid is one of the five. With the “Soulbound token for electronic identity and KYC in Web 3.0” it is a winning project.
For more information visit the official site: https://www.bancaditalia.it/focus/milano-hub/index.html